While malls have hit a bump in the road as retail moves swiftly online, unused spaces are finding new, unexpected owners in coworking operators.
For example, coworking company Industrious has set up shop at Short Hills mall in New Jersey and Broadway Plaza in Walnut Creek, California. The company has also signed a deal to take up 40,000 square feet of space within a former Barneyโs at a Scottsdale, Arizona mall.
โWe underwrote it to takeโฆ I think nine months to get to 90% occupancy and it looks like itโs going to get there in two months,โ said Jamie Hodari, CEO of Industrious. โIt actually makes it the highest-performing unit of our last 25 launches.โ
Now, other companies such as The Riveter and IWGโs luxury coworking brand No. 18 are eyeing up-and-coming towns rather than just big cities.
Putting offices inside such shopping areas also offers members a convenient location near restaurants, coffee shops, and fitness centers.
